Ecoener (ENER) H1 2025 earnings summary

Executive summary

• Achieved a 9x increase in installed capacity and 11x growth in generation over the past decade, reaching 815 MW and 1,550–1,650 GWh by 2025.

• 656 MW in operation as of H1 2025, with 159 MW under construction, and four new solar PV plants commissioned in 2025.

• 75% of capacity now outside Spain, with significant expansion in Latin America and new markets in Europe and North America.

• Pipeline projects total 2,088 MW, with 456 MW in Backlog, 611 MW in Advanced Development, and 1,021 MW in Early Stage.

• Over $3 billion in secured revenue through long-term PPAs, averaging 19 years.

Financial highlights

• Revenue rose 3% year-over-year to €42.1m in H1 2025, mainly due to new PV plant commissioning.

• Adjusted EBITDA increased 6% to €19.6m, while reported EBITDA decreased 3.47% to €18.9m; adjusted EBITDA margin improved to 46.6%.

• Net profit declined 7% to €4.3m, impacted by US interest rates, project COD delays, and FX effects.

• Generation output grew 8%, driven by new PV plants, with Latam generation up 41%.

• Pre-tax profit dropped 54.3% to €1.4m due to higher finance costs and lower operating profit.

Outlook and guidance

• Targeting 1 GW in operation and under construction by 2025, with continued investment in pipeline projects based on profitability and risk control.

• Short-term projects include new wind and solar PV plants in the Dominican Republic, Guatemala, and Romania, with high-remuneration PPAs and CfDs.

• Dividend policy will be reconsidered based on business outlook and financial performance.